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city and saving lives. they're still conducting search and rescue missions, and we owe them an incredible debt of gratitude." on long island, huge trees fought to stand their saturated ground but could not compete with hurricane-force winds. "i said kiddingly to the president that 'we have a hundred-year storm every two years, now.' anyone who says there's not a dramatic change in weather patterns, i think, is denying reality." debris piled on top of cars as the storm's cost piled higher as well. the human cost continues to climb: more than three dozen killed, many by falling trees, and more than 8.2 million people without power. rising water threatened to flood pumps used to cool fuel rods at a nuclear power plant in new jersey. fluctuations in the power grid shut down more plants. "our best assessment is that the plant responded and that there was no need for emergency operations this time." more than 15,000 flights were cancelled by airlines. forecasting firm ihs global insight estimates sandy will cost $20 billion in property damage - $10 to $30 billion more in lost busi
. "citi has been profitable now for two full years.." despite this message to investors earlier this year and citigroup's third quarter earnings of $3.27 billion, vikram pandit, the bank's ceo's resignation took effect immediately. "i think this surprised just about everyone." but jim sinegal, director of financial services research at morningstar, says pandit's tenure of the last five years has also seen the stock plunge 89% after a $45-billion taxpayer bailout. "a big part of it was the bailout. the added capital from the government diluted stocks and that was responsible for a lot of the drop in the share price." but citigroup's share price has hardly changed since 2009. financial analysts weighed in: jeff harte at sandler o'neill said "this is more the board reacting to the share price and wanting a more hands-on manager in the ceo position." anthony polini of raymond james said, "vikram has some regulatory baggage for whatever reason, they had disagreements." but analysts say the biggest clash was between pandit and the turnaround specialists who became citigroup's new board of direc
a home, but a new study finds the purchase is out of reach for americans in some metropolitan cities. interest.com conducted a survey and found median- income households are unable to afford a median-priced home in nearly half of the metropolitan areas in the u.s. "housing is a very local issue. there are some places, like atlanta, where in fact yes it is very affordable to buy a house right now. but if you live in new york city or san francisco or san diego, it's probably not a whole lot more affordable now than it was three years ago or five years ago or ten years ago." that was mike sante of interest.com. its ranking of pricing by city finds detroit, atlanta, and minneapolis are the most affordable options for median income families. as sante noted, san diego, new york and san francisco are the least affordable. exxon mobil is taking on a north face. the oil giant is buying canadian company celtic exploration for $3.1 billion in cash and stock. exxon is highly interested in expanding its presence in the oil-rich shale found in western canada. the deal is still up to celtic shareho
out now before you can't." atlantic city casinos-- silent. rockaway, new york--braced with bulldozed walls of sand. an expected storm surge during a full-moon, when tides are at their highest already could reach 11-feet. in midtown manhattan, high winds broke a construction crane atop a high- rise. "...of the 76 evacuation shelters located in public schools around the city, there are already more than 90-people here." at airports from washington to boston--a region of 50-million people, airlines canceled more than 13,700 flights through wednesday-- although some operations may resume tuesday afternoon. but for the first time since 18-88, the new york stock exchange will have been closed for two consecutive days due to weather, monday and tuesday. it intends to reopen wednesday, along with nasdaq. bond trading, which closed early monday will be closed tuesday. in chicago, the chicago board options exchange and parts of cme group were closed. "the markets are in disarray. there isn't a lot of participation on days like this." among those sidelined traders-- luke rahbari who hunkered do
poorly while forclosures in white neighborhoods were kept in better condition. in 13 cities, foreclosed takes on the appearance of forsaken - broken windows, trash, overgrown lawns. in indianapolis, fair housing groups found b of a foreclosures twice as likely to have broken doors or locks in minority neighborhoods than in white ones. "if there's mattresses and trash on the lawn, no home-buyer will want it, but it'll be perfect for an investor because they pick up everything." a coalition led by the national fair housing alliance says b of a's lack of maintenance is discriminatory and violates the fair housing act. "we should not be seeing strong african-american and latino neighborhoods flipped into investror properties. it doesn't help families." in a statement, a bank spokesman said "we strongly deny nfha's allegations and stand behind our property maintenance and marketing practices. bank of america is committed to stabilizing and revitalizing communities that have been impacted by the economic downturn, foreclosures and property abandonment. we actively address the needs of such co
been arrested in a mass case of medicare fraud. fbi raids in 9 cities led to the arrest of doctors, nurses and other healthcare professionals. the crimes scammed an estimated $432 million from medicare. a majority of the fraud took place in miami. other cities hit include chicago, detroit, baton rouge, l.a., new york, tampa, dallas, and houston. those arrested are being accused of false billing. "these alleged actions represent an alarming, and unacceptable, nationwide trend of individuals attempting to exploit federal healthcare programs and, collectively, to steal billions in taxpayer dollars for personal gain." that was attorney general eric holder. holder calls the fraud case one of the largest medicare fraud schemes ever. american airlines is addressing its flight problems. the airline said yesterday that it has inspected 48 boeing 757s in its fleet and is fixing loose seats on some of them. all of the planes are back in service. this week, rows of seats became loose on 3 flights and resulted in 2 emergency landings. during the next few weeks, federal regulators will work with
this very large city, there's a density of entrepreneurs here where there's always something going on." it's the kind of environment that incubates what might be the next groupon or grubhub. this week, scott case, one of founders of priceline, hosted a forum on what it takes to launch a startup these days. "when you look at startups, try to network for captial for talent and for customers." one of the attendees, jere mcallister, who created a music media magazine for the ipad called "groovebug," just launched an app with iconic jazz label blue note. "we've partnered with other tech companies and they helped open doors for blue note." mcallister is one of more than a hundred entrepreneurs who see america's future in its startups, not necessarily in silicon valley. "we have the capital and supportive environment for these early-stage companies." the startup america partnership was launched last year. it provides startups with access to corporations, investors and services they need to grow. the latest survey of small businesses shows a slight dip in optimism. overall, the index for the natio
's ipo are emerging. the state of massachusettes fined citigroup $2 million, allegedly because a citi analyst broke rules by sending confidential information about the social media company to a tech news site weeks before the ipo. the analyst was fired in september. citi was an underwiter of the stock and has agreed to pay the fine. other firms have also been subpeonaed. facebook shares debuted in may at $38 and closed friday at $21.94. a quick check on corporate earnings now. goodyear tire stock took a hit of about 10% friday due to lower european demand. however, demand was up at comcast. the summer olympics provided a boost to the company, with income nearly doubling last quarter. comcast's stock jumped to $37 following the news. and, after beating wall street's estimates, tupperware and sharpie marker maker newell-rubbermaid says it will cut 10% of its staff over the next 2-and-a-half years. its part of the company's larger global restrucutring plan. samsung turned in record profits for the third quarter by remaining the number one smartphone seller. samsung profits nearly doubled
to stay strong. > > thanks for the update. phil flynn. bp is selling a texas city refinery to marathon petroleum. the deal will be worth around 2.5 billion dollars. this brings bp one step closer to its goal to sell off some assets in an effort to cover costs of the deepwater horizon spill. bp plans to sell off 38 billion dollars in assets by next year. greece is bracing for a big day. german chancellor angela merkel is paying a visit to athens. two of the largest unions there are calling for massive walkouts in the afternoon so workers can protest her visit. however, rallies will be banned today. emotions have been boiling over as greek citizens deal with layoffs, pension cuts and other austerity measures merkel and others in the e.u. are demanding. greece needs severe cuts in order to get another bailout to keep operating. stay tuned. as mentioned earlier, there have been more reports of friction at foxconn. foxconn is denying allegations of worker strikes following reports that thousands of employees struck friday. last week, the alleged strike stopped production on the latest iphon
is the first city to get redbox tickets. for the forth year in a row, there's no baby boom. fewer babies were born this year. it's been a trend since the recession hit. prior to 2008, birth rates had risen steadily since the early 90s. however, since the economy tanked, baby births have declined. still to come, some surprise hits are helping bring audiences back to the box office. that's later in movies and money. but first, groupon's shares have dropped dramatically in value. we'll hear what some former employees have to say about that. paul eggers reports, next. lifelock is one of eight companies launching ipos this week. the identification company had an initial price tag of $9. it closed out its first trading day at $8.36. other companies going public this week include dave and buster's and luxfer holdings, to name a couple. it's the most companies going public in one week since july, with the wall street journal reporting the deals are expected to raise over a billion dollars. in less than one year, online coupon company groupon moved from massively hyped to a mostly forgotten $4 stock.
good if you are driving into the city. we will tell you more about that straight ahead. at 4:29 let's go back to the desk. >>> the search continues for two missing men off
for joining us today. have a great monday. >>> good morning. city crews and business owners cleaning up in oakland this morning. the damage done during an antiwar protest. >>> we are less than one month away from election day. what president obama will be doing today in his last trip to the bay area ahead of november 6th. >>> and gas hits another record this morning. the steps governor brown is now taking to try to bring things down. it's all ahead on the ktvu channel 2 morning news. >>> good morning. thank you for joining us on this monday morning, october 8th i'm pam cook. i'm hearing a little tiny chance of rain but let's check in with our expert steve paulson. >> unless you are a boat heading out on the pacific, maybe. for us a little cool here this morning and mostly clear skies. highs today come down just a little bit. 60s and 70s. here is sal. >>> steve, good morning. right now traffic does pretty well around the bay as we look at some of the roads. we are off to a nice start on 80 westbound as you head out to the mccarthur maze with no major problems. alsos morning commute look
are camping out on the san jose state campus. the change they are hoping to bring to that city's minimum wage. >>> the big bridge closure set to get under way tonight could effect your weekend plans. it's all ahead on the ktvu channel 2 morning news. >>> good morning. thank you for joining us on this friday morning october 19th i'm pam cook. windy. very windy. steve, how is the weather forecast? >> cool down, pam. in fact coast yesterday was warmer than some inland areas. even all the way out to sacramento. that will not be the case today. the fog has come roaring back. temperatures on their way down. we will see 60s and mainly 70s. here is sal. >>> steve, good morning. we are doing pretty well. road work has been picked up. let's take a look at the commute on highway 4. it looks pretty good so far coming up to the willow pass grade. and this morning if you are driving on the san mateo bridge it looks good. of course we will have closures there. now let's go back to the desk. >>> we begin with developing news from san francisco. just a few hours ago someone shot at police officers in the west
of the graduate school of journalism at the city university of new york. for 21 years he was editor-in-chief of business week. he began in the age of pure print and retired in 2005, during the digital encroachment. he's got a terrific memoir just out, "deadlines and disruption: my turbulent path from print to digital." stephen, i assume there is still an appetite for good journalism, but it's just that the current business model doesn't seem to fit it. > > that's exactly right. i'll give you just one statistic: in the last five or six years, newspapers have lost half of their advertising revenue. that's a whopping $25 billion, which is what accounts for the layoffs and the thinning out of newspapers and the closing of bureaus and so forth. and they're not charging online for content. so the business model has kind of collapsed, and we need a new business model. > > is the wrong question then to ask, "how do we sustain newspapers or some form of that kind of journalism?" rather than, "what is the new platform going to be for all this content?" > > yes. i would say that we're not in t
." geographically-speaking, the top four comeback cities for job growth are san jose, houston, austin and detroit. tough new austerity measures are likely a go in greece. and it's not going over well with greek residents. protests are said to be flaring up now that greek officials have reached a deal with eurozone leaders known as the troika. greece will receive billions in a new round of financial aid. in exchange, greece is agreeing to cut $17.5 billion in spending and tax increases. final approval by greek lawmakers needs to happen before november 12th. most of the money will go to stabilize the shaky banking system in greece. the u.s. is suing bank of america for $1 billion for mortgage fraud. b of a is accused of misrepresenting the quality of home loans it sold to mortgage finance firms fannie mae and freddie mac, which resulted in over $1 billion in losses and numerous foreclosures. the government claims that the bank designed a high-speed loan processing system without quality checkpoints during the process, which prompted fraudulent practices. the u.s. says the program was started by co
Search Results 0 to 14 of about 15